Kazakh Central Bank Opening Reserves to Crypto Assets: Reuters

The National Bank of Kazakhstan plans to diversify a portion of its $69.4B foreign exchange and gold reserves into crypto assets.

What's the Scoop?

• Diversifying With Crypto: According to Reuters, at a Kazakh briefing on interest rates earlier today, Chair Timur Suleimanov said his central bank will set aside $350M for investment across numerous acceptable digital asset investments, which will extend beyond direct cryptocurrency holdings. As of February 1, the National Bank of Kazakhstan held $69.4B in gold and foreign exchange reserves (the country’s oil-funded "National Fund" held an additional $65.2B in assets).
• Starting Small: Deputy Chair Aliya Moldabekova stated that investments will begin in April or May, and emphasized that purchases will start small. “We are not talking about any large investment in cryptocurrencies,” Moldabekova said, according to Reuters. “We are currently selecting companies that deal with digital assets, for example those involved in cryptocurrency infrastructure.”